Vice presidential nominee of the opposition New Patriotic Party (NPP), Mahamadu Bawumia, in a lecture themed: “The state of the Ghanaian economy, a foundation of concrete or straw” made some shocking revelations about Ghana's economy you need to know.
According to the economist:
1. The governing National Democratic Congress (NDC) has borrowed $39 billion dollars in the last eight years.
2. Ghana’s debt to GDP ratio has increased from 32% in 2008 to 72% as at the end of 2015.
3. The cedi has depreciated from GH¢1.2 to the dollar in 2009 to GH¢ 3.95 to the Dollar in recent times.
4. The cost of electricity to industry has been alarmingly high and this has led to the collapse of some factories.
5. Ghana’s minimum wage, in dollar terms, has declined from $2.12 in 2008 to $2.02 in 2016 under President John Mahama.
6. While the NPP increased per capita incomes by $826 during its term, the NDC with twelve times more resources has increased per capita incomes by only $215.
7. President John Dramani Mahama has performed worse than his predecessor, John Evans Atta Mills.
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